This would be a practical way of bringing a huge sum of money.
Salaried individuals may not need to file revised returns as they have only one source of income and there are lesser chances of erring while filing returns
The norms pertain to the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains.
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
There are judicial precedents where it has been held that if payment is made for temporary disablement, it would be taxable, points out Tinesh Bhasin.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
Information gathered from a person's social media account will be matched with his or her declared income.
The I-T department has also filed 77 prosecution cases.
India is set to sign an agreement with the US to resolve transfer pricing disputes, which will then serve as a template for settling such rows with multinational companies based in the UK, France and other European countries.
CBDT stated the searches were on a group based at Chennai and Tiruchirappalli, strictly in line with the Income Tax Act
The Central Board of Direct Taxes is set to rationalise I-T rules.
'Till today, we don't know how many people died of Covid in India.' 'How many migrated from cities to villages during the Covid pandemic?' 'How many corporates contributed to PM Cares?'
The Lucknow bench of the Allahabad high court on Thursday ordered a CBI probe against tainted Noida official Yadav Singh, whose disproportionate assets were exposed in a raid by the Income Tax department several months ago.
Apart from its enforceability through courts due to it being part of the I-T Act, two other factors will help ensure the taxpayers' charter is implemented, at least in letter (if not in spirit) this time around, points out Harsh Roongta.
'For HNIs, shifting economic activities outside India by creating regional hubs for businesses is a better option.'
More companies with unconventional business models to get into messy legal hassles in India.
The reward could vary between 1% and 5% of the total tax paid.
There are about 31,000 pending cases, locking revenue worth Rs 500 crore.
When the subscriber reaches superannuation or the age of 60, 60 per cent of the total corpus accumulated in NPS can be withdrawn as a lump sum.
The minister said any declaration made under the law will be protected
The sleuths of the department seized over Rs 4 crore in new currency, mostly in denomination of Rs 2000, some notes of Rs 100, demonetized notes of Rs 500 and a few gold biscuits
The Income Tax department and the Unique Identification Authority of India have agreed "in-principle" to come together for rolling out PAN cards with unique 16 digit Aadhaar number.
The department has suggested taxpayers to validate and include in the 'white/safe list' of their respective inboxes the official handle of the department -- 'DONOTREPLY@incometaxindiaefiling.gov.in', so that it does not land in the spam or junk folder of the taxpayer.
The rules will affect Indian companies that take most decisions about their foreign subsidiaries.
In a major relief to Indian information technology (IT) companies operating in Australia, Canberra has agreed to amend its domestic laws to stop taxing offshore income of such Indian companies, as part of the free trade deal inked. This may lead to savings up to $200 million each year for over 100 Indian IT companies operating in Australia. "The Government of Australia has agreed to amend the domestic taxation law to stop the taxation of offshore income of Indian firms providing technical services to Australia. "This will resolve the issue that the Indian government has raised about the double taxation avoidance agreement (DTAA) between the two governments for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income," said a commerce ministry official.
Journalist Rana Ayyub rejected allegations on Friday that she "misused" donor funds raised in the wake of the Covid-19 pandemic, saying money-laundering charges levelled against her are "preposterous and wholly mala fide".
Foreign portfolio investors (FPIs) who invest from Mauritius into Indian companies that dole out bonus debentures will get impacted by the tax avoidance provisions on bonus stripping. The FY23 Budget has extended these provisions - applicable only to MFs, so far - to shares and units of REITs, InvITs and AIFs. The move will especially affect large institutional investors who sell original units within nine months after the record date because the loss arising from sale of original units would have to be ignored for the purposes of computing taxable income and cannot be set off against any other capital gain.
Even given politicians' penchant for self-promotion, Tamil Nadu Chief Minister Jayalalithaa takes it to another level altogether, says A Ganesh Nadar. Nothing wrong with it, provided it's not done at the tax-payer's expense.
'Through the use of technology, the GSTN will tip the balance in favour of compliance rather than tax evasion, lowering the barriers for entry into the tax payment system while making it much harder to cheat on payments,' says Nandan Nilekani.
Taxpayers are allowed to make the changes under certain circumstances
PAN is a 10-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department of India.
The Rashtriya Swayamsewak Sangh (RSS) on Sunday distanced itself from an article critical of Indian software major Infosys that was published in Panchjanya, a magazine associated with the saffron organisation.
Finance Minister Nirmala Sitharaman's Budget speech on Wednesday was marked by the usual thumping of benches by the ruling alliance members, but the loudest cheer was reserved for her announcement of income tax relief, which was welcomed by 'Modi, Modi' chants in Lok Sabha that also witnessed a few instances of protest by the Opposition.
Wooing overseas investors, government on Wednesday decided against challenging the Bombay High Court decision favouring Vodafone in the Rs 3,200 crore (Rs 32 billion) tax case and adopt a similar approach in transfer pricing litigations involving other MNCs like Shell.
The government has proposed that political parties cannot be designated public authorities as defined in the RTI Act. Anita Katyal reports
The Panama Paper leaks were originally revealed by the International Consortium of Investigative Journalists on April 4, 2016, following which, the government had set up the MAG to probe the matter.
Speaking at the inauguration of the magazine's new office, Vaidya went on to suggest that in such a war, sometimes 'good people' have to be targeted because they are on the side of wrong.
Finnish phone maker Nokia may have to exclude its Chennai plant from the $7.2 billion deal with Microsoft if tax issues facing the India unit are not resolved by next week.
The one-page form will mandatorily seek the taxpayers name.
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